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TB MC Qu. 05-161 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales for its only product Salmone uses a perpetual inventory system. Determine the cos goods sold using LIFO Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Units Acquired at Cost 152 units @ $10-$1,520 222 units@ $12-$2,664 102 units @ $13- $ 1,326 Units Sold at Retail 142 units@ $20 92 units @ $21

TB MC Qu. 05-161 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales for its only product Salmone uses a perpetual inventory system. Determine the cos goods sold using LIFO Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Units Acquired at Cost 152 units @ $10-$1,520 222 units@ $12-$2,664 102 units @ $13- $ 1,326 Units Sold at Retail 142 units@ $20 92 units @ $21

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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TB MC Qu. 05-161 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales for its only product Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Units Acquired at Cost 152 units @ $10-$1,520 222 units @ $12-$2,064 102 units @ $13- $ 1,326 Units Sold at Retail. 142 units @ $20 92 units @ $21
Transcribed Image Text:TB MC Qu. 05-161 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales for its only product Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Units Acquired at Cost 152 units @ $10-$1,520 222 units @ $12-$2,064 102 units @ $13- $ 1,326 Units Sold at Retail. 142 units @ $20 92 units @ $21
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